Re: Lease offer - Landlord Forum thread 361310

Re: Lease offer by Beverly on June 12, 2021 @06:14

Hi Garry: Thanks so much for your response!! I was not clear that this is a commercial property, an office condo -- which is why we asked for a longer lease, -- do you still disagree with a longer lease? Most commercial properties ask for a minimum to 3-5 years here where I live, and sometimes it is because some accommodation to the property is done but even without accomdations people usually ask for 3-5 year leases on commercial. In this case it was a lot renovation she was asking for) --- I will definitely take your advice to heart about renovating, I agree and I won't do it.

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Re: Lease offer by Garry on June 12, 2021 @07:48	[ Reply ]

This new info of this being a COMMERCIAL setting, TOTALLY changes my answer to you. YES, I agree with you that many commercial leases go 3-5 years in length. And some even go 20-30 years, if it is a fairly large business. My answer to you, was only about residential settings where people are going to LIVE in the space. In your case, If the party only wants a 2 year lease, and you do the reno, either get a LARGE deposit from them, or 20% more in rent each month from them. OR BOTH. But get everything in writing, and SIGNED by BOTH parties before doing anything. Get the deposit at the lease signing, so they cannot back out a week or 2 later. Get it in cash, a money order, or a certified check from a bank. NOT A CHECK! If they don't want to agree to your terms, WALK AWAY. Right now, with the Pandemic starting to go away, there are going to be many smaller businesses wanting to rent spaces like you have, so go ahead and BE PICKY in choosing your new tenants, and your various charges to them.

Re: Lease offer by Beverly on June 12, 2021 @18:47	[ Reply ]

Garry, you are great!!! Husband and I really value what you have been saying --- one more question -- we have had real estate agents helping lease the property --- they have been a grave disappointment -- what websites do you rec for listing the office condos for leasing? Thanks again!!!!

Re: Lease offer by Garry on June 13, 2021 @09:29	[ Reply ]

Craig's List has a category of Office/Commercial. Try that.

Re: Lease offer by lpadave on June 13, 2021 @17:59	[ Reply ]

to chime in here,.... 1. realtors that work commercial, industrial, retail and office are specialized professionals. The good ones do not also do residential,...even in the smaller markets. not knowing how much footage / doors you have makes it hard to express an opinion. tenant improvements / leasehold improvements are a very negotiable item,....dilligently on both sides. vett these guys CAREFULLY if you're spending any kind of money in excess of what you might normally. cost share up front and / or try for milestone abatements on rent to get the tenant committed for skin to stay longer. adjust your asking rent, up front to accomodate any future abatements. remember that many small new businesses go belly up,....but many also flourish. Think rock bands and computer companies that started out in garages !!!!